00010509182012-02-292013-02-280001050918oakaf:S000006539Member2012-02-292013-02-280001050918oakaf:S000006538Member2012-02-292013-02-280001050918oakaf:S000006538Memberoakaf:C000017873Member2012-02-292013-02-280001050918oakaf:S000006538Memberrr:AfterTaxesOnDistributionsMemberoakaf:C000017873Member2012-02-292013-02-280001050918oakaf:S000006538Memberrr:AfterTaxesOnDistributionsAndSalesMemberoakaf:C000017873Member2012-02-292013-02-280001050918oakaf:S000006538Memberoakaf:SandpFiveHundredIndexMember2012-02-292013-02-280001050918oakaf:S000006539Memberoakaf:C000017874Member2012-02-292013-02-280001050918oakaf:S000006539Memberrr:AfterTaxesOnDistributionsMemberoakaf:C000017874Member2012-02-292013-02-280001050918oakaf:S000006539Memberrr:AfterTaxesOnDistributionsAndSalesMemberoakaf:C000017874Member2012-02-292013-02-280001050918oakaf:S000006539Memberoakaf:SandpFiveHundredIndexMember2012-02-292013-02-280001050918oakaf:S000006543Member2012-02-292013-02-280001050918oakaf:S000006543Memberoakaf:C000017878Member2012-02-292013-02-280001050918oakaf:S000006543Memberrr:AfterTaxesOnDistributionsMemberoakaf:C000017878Member2012-02-292013-02-280001050918oakaf:S000006543Memberrr:AfterTaxesOnDistributionsAndSalesMemberoakaf:C000017878Member2012-02-292013-02-280001050918oakaf:S000006543Memberoakaf:SandpFiveHundredIndexMember2012-02-292013-02-280001050918oakaf:S000006540Member2012-02-292013-02-280001050918oakaf:S000006542Member2012-02-292013-02-280001050918oakaf:S000006540Memberoakaf:C000017875Member2012-02-292013-02-280001050918oakaf:S000006542Memberoakaf:C000017877Member2012-02-292013-02-280001050918oakaf:S000006544Member2012-02-292013-02-280001050918oakaf:S000006541Memberoakaf:C000017876Member2012-02-292013-02-280001050918oakaf:S000006540Memberrr:AfterTaxesOnDistributionsMemberoakaf:C000017875Member2012-02-292013-02-280001050918oakaf:S000006540Memberrr:AfterTaxesOnDistributionsAndSalesMemberoakaf:C000017875Member2012-02-292013-02-280001050918oakaf:S000006540Memberoakaf:NasdaqHundredIndexMember2012-02-292013-02-280001050918oakaf:S000006541Memberrr:AfterTaxesOnDistributionsMemberoakaf:C000017876Member2012-02-292013-02-280001050918oakaf:S000006541Memberrr:AfterTaxesOnDistributionsAndSalesMemberoakaf:C000017876Member2012-02-292013-02-280001050918oakaf:S000006542Memberrr:AfterTaxesOnDistributionsMemberoakaf:C000017877Member2012-02-292013-02-280001050918oakaf:S000006542Memberrr:AfterTaxesOnDistributionsAndSalesMemberoakaf:C000017877Member2012-02-292013-02-280001050918oakaf:S000006542Memberoakaf:SAndPFiveHundredHealthCareIndexMember2012-02-292013-02-280001050918oakaf:S000006541Memberoakaf:NasdaqHundredIndexMember2012-02-292013-02-280001050918oakaf:S000006544Memberoakaf:C000017879Member2012-02-292013-02-280001050918oakaf:S000006544Memberrr:AfterTaxesOnDistributionsMemberoakaf:C000017879Member2012-02-292013-02-280001050918oakaf:S000006544Memberrr:AfterTaxesOnDistributionsAndSalesMemberoakaf:C000017879Member2012-02-292013-02-280001050918oakaf:S000006541Member2012-02-292013-02-280001050918oakaf:S000006544Memberoakaf:RussellTwoThousandGrowthIndexMember2012-02-292013-02-28pureiso4217:USD485BPOSOAK ASSOCIATES FUNDS0001050918false2013-02-282013-02-282012-10-312013-02-28<b>PIN OAK EQUITY FUND SUMMARY</b><b>WHITE OAK SELECT GROWTH FUND SUMMARY</b><b>Investment Goal </b>The Fund seeks long-term capital growth.<b>Fund Fees and Expenses </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same and you reinvest all dividends and distributions. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 86% of the average value of its portfolio.<b>Principal Investment Strategy of the Fund </b>The Fund invests primarily in common stocks of established U.S. companies with large market capitalization (equity market capitalization of more than $5 billion). In selecting investments for the Fund, the Adviser chooses stocks of companies which it believes have above-average growth potential at attractive prices. The Adviser&#8217;s investment process begins with a top-down analysis of industry sectors that it believes have the best potential for long-term growth based on an overall analysis of the macroeconomic environment. It then searches for the most attractive opportunities within those areas, based on a qualitative and quantitative analysis. The Adviser&#8217;s investment strategy often involves overweighting the Fund&#8217;s position in the industry sectors which it believes hold the most growth potential relative to the weightings such industry sectors represent in the Fund&#8217;s benchmark. The Fund invests primarily in U.S. common stocks, but may, to a lesser extent, invest in foreign common stocks and American Depositary Receipts (&#8220;ADRs&#8221;) that meet the investment criteria of the Fund.<br/><br/>The Adviser purchases companies for the long-term, and seeks to keep the Fund&#8217;s portfolio turnover to a minimum relative to its peers. The Adviser may sell a security if the reason for its original purchase changes or when it believes better opportunities are available.<br/><br/>The Fund has adopted a policy that it will invest at least 80% of its net assets, under normal circumstances, in equity securities. This policy may be changed by the Fund upon 60 days&#8217; notice to shareholders.<b>Principal Risks of Investing in the Fund </b>The Fund&#8217;s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below.<br/><br/><b>Equity Securities Risk:</b> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund&#8217;s shares.<br/><br/><b>Foreign Securities Risk:</b> The risk that investing in securities of foreign (non-U.S.) companies may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund&#8217;s investments to decline. ADRs are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk.<br/><br/><b>Growth Investing Risk:</b> The Fund is subject to the risk that its growth-oriented style of investing may underperform other investment styles or the equity markets as a whole. A principal risk of growth investing is that prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks.<br/><br/><b>Investment Focus Risk:</b> Although the Fund is diversified, because the Fund may invest a significant portion of its assets in the industry sectors which it believes hold the most growth potential, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.<br/><br/><b>Large Cap Risk:</b> Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.<br/><br/><b>Management Risk:</b> The risk that a strategy used by the Adviser may fail to produce the intended results.<br/><br/><b>Market Risk:</b> Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably.<b>Performance Information </b>The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund. Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="45%" align="left"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>BEST&nbsp;QUARTER</b></td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>WORST&nbsp;QUARTER</b></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">25.32%</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">-25.58%</td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">06/30/2003</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">12/31/2008</td></tr></table><b>Average Annual Total Returns </b>This table compares the Fund&#8217;s average annual total returns for the periods ended December 31, 2012 to those of the S&amp;P 500 Index.You could lose money on your investment in the Fund and the Fund could also return less than other investments.The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund.Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.The bar chart shows changes in the Fund&#8217;s performance from calendar year to calendar year.After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<b>BEST QUARTER</b>2003-06-300.2532<b>WORST QUARTER</b>2008-12-31-0.25580.00740.00420.011600.011611836863814080.16950.1690.1190.160.03360.03350.02880.01660.06620.06620.05840.0710.07630.07590.06950.08251992-08-031992-08-031992-08-031992-08-310.526-0.0321-0.0511-0.00120.15-0.40860.57430.1491-0.05720.16960.86After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.<b>Investment Goal </b>The Fund seeks long-term capital growth.<b>Fund Fees and Expenses </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same and you reinvest all dividends and distributions. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 98% of the average value of its portfolio.<b>Principal Investment Strategy of the Fund </b>The Fund invests primarily in common stocks of U.S. companies that the Adviser believes possess prospects for growth that are underappreciated by the market. The Adviser generally does not base stock selections on a company&#8217;s size, but rather on assessment of its fundamental outlook. As a result, the Fund may own stocks of smaller-capitalization companies. The Fund invests primarily in U.S. commons stocks, but may, to a lesser extent, invest in foreign common stocks and American Depositary Receipts (&#8220;ADRs&#8221;) that meet the investment criteria of the Fund. The Adviser&#8217;s investment process begins with an analysis of the economy and various macroeconomic factors, followed by an evaluation of industry sectors. It then focuses on the most attractive companies in these areas based on qualitative and quantitative factors. The Adviser&#8217;s investment strategy often involves overweighting the Fund&#8217;s position in the industry sectors the Adviser believes offer the best risk-reward; this can result in significant differences in sector weightings between the Fund and its benchmark.<br/><br/>The Adviser invests with a long-term focus and seeks to keep the Fund&#8217;s portfolio turnover to a minimum relative to its peers. The Adviser may sell a security if the reason for its original purchase changes or when it believes better opportunities are available.<br/><br/>The Fund has adopted a policy that it will invest at least 80% of its net assets, under normal circumstances, in equity securities. This policy may be changed by the Fund upon 60 days&#8217; notice to shareholders.<b>Principal Risks of Investing in the Fund </b>The Fund&#8217;s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below.<br /><br /><b>Equity Securities Risk:</b> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund&#8217;s shares.<br /><br /><b>Foreign Securities Risk:</b> The risk that investing in securities of foreign (non-U.S.) companies may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund&#8217;s investments to decline. ADRs are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk.<br /><br /><b>Growth Investing Risk:</b> The Fund is subject to the risk that its growth-oriented style of investing may underperform other investment styles or the equity markets as a whole. A principal risk of growth investing is that prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks.<br /><br /><b>Investment Focus Risk:</b> Although the Fund is diversified, because the Fund may invest a significant portion of its assets in the industry sectors which it believes offer the best risk-reward, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.<br /><br /><b>Large Cap Risk:</b> Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.<br /><br /><b>Management Risk:</b> The risk that a strategy used by the Adviser may fail to produce the intended results.<br /><br /><b>Market Risk:</b> Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably.<br /><br /><b>Mid Cap Risk:</b> Mid cap stock risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.<br /><br /><b>Small Cap Risk:</b> Small cap companies may be more vulnerable than large-cap and mid-cap companies to adverse business or economic developments. Securities of such companies may be less liquid and more volatile than securities of larger companies and therefore may involve greater risk.<b>Performance Information </b>The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund. Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="45%" align="left"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>BEST&nbsp;QUARTER</b></td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>WORST&nbsp;QUARTER</b></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">30.13%</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">-28.53%</td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">06/30/2009</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">12/31/2008</td></tr></table><b>Average Annual Total Returns </b>This table compares the Fund&#8217;s average annual total returns for the periods ended December 31, 2012 to those of the S&amp;P 500 Index.0.98You could lose money on your investment in the Fund and the Fund could also return less than other investments.The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund.Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.<b>BEST QUARTER</b>2009-06-300.3013<b>WORST QUARTER</b>2008-12-31-0.28530.65850.08060.0704-0.04250.1502-0.44470.79380.1520.00450.18140.00740.00470.012100.012112338466514640.18140.18020.11950.160.06370.06340.05510.01660.11150.11130.10010.0710.0640.06350.05810.08251992-08-031992-08-031992-08-031992-08-31<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualFundOperatingExpensesWHITEOAKSELECTGROWTHFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleExpenseExampleTransposedWHITEOAKSELECTGROWTHFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualTotalReturnsWHITEOAKSELECTGROWTHFUNDBarChart column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWHITEOAKSELECTGROWTHFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualFundOperatingExpensesPINOAKEQUITYFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleExpenseExampleTransposedPINOAKEQUITYFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualTotalReturnsPINOAKEQUITYFUNDBarChart column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedPINOAKEQUITYFUND column period compact * ~</div>
The bar chart shows changes in the Fund&#8217;s performance from calendar year to calendar year.<b>ROCK OAK CORE GROWTH FUND SUMMARY</b><b>Investment Goal</b>The Fund seeks long-term capital growth.This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Fund Fees and Expenses</b><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>0.00740.01050.00010.018-0.00540.0126The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratio of expenses to average net assets in the Fund&#8217;s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and do not include &#8220;Acquired Fund Fees and Expenses.&#8221;<b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same and you reinvest all dividends and distributions (reflecting the one-year contractual fee waiver). Although your actual costs may be higher or lower, based on these assumptions your costs would be:1285149242069<b>Portfolio Turnover</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 56% of the average value of its portfolio.0.56<b>Principal Investment Strategy of the Fund</b>The Fund invests primarily in common stocks of mid and large capitalization companies with equity market capitalizations of more than $5 billion that are selected for their growth potential and will generally hold between 35 and 50 common stocks. The Fund invests primarily in U.S. common stocks, but may, to a lesser extent, invest in foreign common stocks and American Depositary Receipts (&#8220;ADRs&#8221;). <br/><br/>The Adviser utilizes a combined approach of &#8220;top-down&#8221; analysis and &#8220;bottom-up&#8221; stock selection. The &#8220;top-down&#8221; approach takes into consideration such factors as long-term economic, demographic and geopolitical themes. These include such macroeconomic factors as interest rates, inflation, the regulatory environment and the global competitive landscape. As a result of the &#8220;top-down&#8221; analysis, the Adviser identifies sectors, industries and companies which it believes should benefit from the overall themes that the Adviser has observed. As part of its &#8220;bottom-up&#8221; stock selection, the Adviser then looks for individual companies with earnings growth potential that should exceed the earnings growth rate of the overall market over the long-term, and that may not be fully recognized by the market at large. In determining whether a particular company is suitable for investment, the Adviser focuses on a number of different attributes including the company&#8217;s specific market expertise or dominance, its competitive durability and pricing power, solid fundamentals, strong and ethical management, apparent commitment to shareholder interests and reasonable valuations in the context of projected growth rates. The Adviser&#8217;s investment strategy often involves overweighting the Fund&#8217;s position in the industry sectors which it believes hold the most growth potential relative to the weightings such industry sectors represent in the Fund&#8217;s benchmark. <br/><br/>The Adviser may sell a security if the reason for its original purchase changes or when it believes better opportunities are available.<b>Principal Risks of Investing in the Fund</b>The Fund&#8217;s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below.<br /><br /><b>Equity Securities Risk:</b> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund&#8217;s shares.<br /><br /><b>Foreign Securities Risk:</b> The risk that investing in securities of foreign (non-U.S.) companies may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund&#8217;s investments to decline. ADRs are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk.<br /><br /><b>Growth Investing Risk:</b> The Fund is subject to the risk that its growth-oriented style of investing may underperform other investment styles or the equity markets as a whole. A principal risk of growth investing is that prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks.<br /><br /><b>Investment Focus Risk:</b> Although the Fund is diversified, because the Fund may invest a significant portion of its assets in the industry sectors which it believes hold the most growth potential, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.<br /><br /><b>Large Cap Risk:</b> Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.<br /><br /><b>Management Risk:</b> The risk that a strategy used by the Adviser may fail to produce the intended results.<br /><br /><b>Market Risk:</b> Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably.<br /><br /><b>Mid Cap Risk:</b> Mid cap stock risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.You could lose money on your investment in the Fund and the Fund could also return less than other investments.<b>Performance Information</b>The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund. Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.0.0460.03730.2167-0.47350.49920.1966-0.09810.1426<b>Average Annual Total Returns</b>The bar chart shows changes in the Fund&#8217;s performance from calendar year to calendar year.This table compares the Fund&#8217;s average annual total returns for the periods ended December 31, 2012 to those of the S&amp;P 500 Index.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<b>BEST QUARTER</b>2009-06-300.2157<b>WORST QUARTER</b>2008-12-31-0.2460.14260.14020.0960.16-0.0054-0.0058-0.00460.01660.03180.03070.02750.04222004-12-312004-12-312004-12-312004-12-31<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualFundOperatingExpensesROCKOAKCOREGROWTHFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleExpenseExampleTransposedROCKOAKCOREGROWTHFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualTotalReturnsROCKOAKCOREGROWTHFUNDBarChart column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedROCKOAKCOREGROWTHFUND column period compact * ~</div>
<b>RED OAK TECHNOLOGY SELECT FUND SUMMARY</b><b>Investment Goal</b>The Fund seeks long-term capital growth.<b>Fund Fees and Expenses</b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b><b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same and you reinvest all dividends and distributions. Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Portfolio Turnover</b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 83% of the average value of its portfolio.0.83<b>Principal Investment Strategy of the Fund</b>The Fund invests primarily in common stocks of companies which produce, design, or market technology products or services; rely extensively on technology in their product development or operations; or which the Adviser expects to benefit from technological advances and improvements. The Fund is &#8220;non-diversified,&#8221; and the Adviser expects to hold securities of a relatively small number of companies in the portfolio, thus increasing the importance of each holding. In addition, the Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in technology companies which develop, produce or distribute products or services related to computers, semi-conductors and electronics, but will regularly invest in these and other technology companies well in excess of this amount, as further described below. The Fund invests primarily in U.S. common stocks, but may, to a lesser extent, invest in foreign common stocks and American Depositary Receipts (&#8220;ADRs&#8221;) that meet the investment criteria of the Fund.<br/><br/>The Adviser identifies what it believes to be the most attractive areas within technology and then narrows its search to individual stocks. The Adviser generally does not base stock selections on a company&#8217;s size, but rather on assessment of its fundamental outlook. As a result, the Fund may own stocks of smaller capitalization companies.<br/><br/>The Adviser invests with a long-term focus and seeks to keep the Fund&#8217;s portfolio turnover to a minimum relative to its peers. The Adviser may sell a security if the reason for its original purchase changes or when it believes better opportunities are available among technology companies.<br/><br/>The Fund has adopted a policy that it will invest at least 80% of its net assets, under normal circumstances, in equity securities of companies operating in the technology sector, as determined by the Adviser. This policy may be changed by the Fund upon 60 days&#8217; notice to shareholders.<b>Principal Risks of Investing in the Fund</b>The Fund&#8217;s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below.<br /><br /><b>Equity Securities Risk:</b> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund&#8217;s shares.<br /><br /><b>Concentration Risk:</b> Because the Fund may invest a significant portion of its assets in securities issued by companies conducting business in industries within or related to technology, the Fund is subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that industry. The prices of technology companies may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, problems related to bringing products to market and rapid obsolescence of products. Some technology companies may be regarded as developmental stage companies, without revenues or operating income, or near-term prospects for them.<br /><br /><b>Foreign Securities Risk:</b> The risk that investing in securities of foreign (non-U.S.) companies may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund&#8217;s investments to decline. ADRs are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk.<br /><br /><b>Large Cap Risk:</b> Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.<br /><br /><b>Management Risk:</b> The risk that a strategy used by the Adviser may fail to produce the intended results.<br /><br /><b>Market Risk:</b> Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably.<br /><br /><b>Mid Cap Risk:</b> Mid cap stock risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.<br /><br /><b>Non-Diversification Risk:</b> The Fund is non-diversified, which means that a significant portion of the Fund&#8217;s assets may be invested in the securities of a single company or a smaller number of companies than a diversified mutual fund. An investment in the Fund could fluctuate in value more than an investment in a diversified fund.<br /><br /><b>Small Cap Risk:</b> Small-cap companies may be more vulnerable than large-cap and mid-cap companies to adverse business or economic developments. Securities of such companies may be less liquid and more volatile than securities of larger companies and therefore may involve greater risk.<b>Non-Diversification Risk:</b> The Fund is non-diversified, which means that a significant portion of the Fund&#8217;s assets may be invested in the securities of a single company or a smaller number of companies than a diversified mutual fund. An investment in the Fund could fluctuate in value more than an investment in a diversified fund.You could lose money on your investment in the Fund and the Fund could also return less than other investments.<b>LIVE OAK HEALTH SCIENCES FUND SUMMARY</b><b>Performance Information</b>The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund. Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund.Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="45%" align="left"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>BEST&nbsp;QUARTER</b></td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>WORST&nbsp;QUARTER</b></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">24.84%</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">-28.55%</td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">06/30/2009</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">12/31/2008</td></tr></table><b>Investment Goal</b>The bar chart shows changes in the Fund&#8217;s performance from calendar year to calendar year.<b>BEST&nbsp;QUARTER</b><b>WORST&nbsp;QUARTER</b>0.2484The Fund seeks long-term capital growth.-0.28552009-06-302008-12-31<b>Fund Fees and Expenses</b><b>Average Annual Total Returns</b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.This table compares the Fund&#8217;s average annual total returns for the periods ended December 31, 2012 to those of the NASDAQ 100 Index.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b><table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="45%" align="left"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>BEST&nbsp;QUARTER</b></td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>WORST&nbsp;QUARTER</b></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">21.57%</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">-24.60%</td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">06/30/2009</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">12/31/2008</td></tr></table>0.00740.0050.012400.01240.59210.0264Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.-0.0114<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualFundOperatingExpensesRIVEROAKDISCOVERYFUND column period compact * ~</div><div style="display:none">~ http://www.oakfunds.com/role/ScheduleExpenseExampleTransposedRIVEROAKDISCOVERYFUND column period compact * ~</div><div style="display:none">~ http://www.oakfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedRIVEROAKDISCOVERYFUND column period compact * ~</div>0.04910.1004-0.4463The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund.0.77880.14720.02770.1195<b>Example</b>0.00740.00560.01300.013This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same and you reinvest all dividends and distributions. Although your actual costs may be higher or lower, based on these assumptions your costs would be:12639368114980.00740.0071324120.00017130.014515660.0136-0.00090.11950.1190.07830.18350.05390.05380.04650.0589<b>Portfolio Turnover</b>0.09260.0925The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 16% of the average value of its portfolio.0.08260.1113<b>Principal Investment Strategy of the Fund</b>The Fund invests primarily in common stocks of companies engaged in the research, development, production, or distribution of products or services related to health care, medicine, or the life sciences. These &#8220;health science&#8221; companies include pharmaceutical firms, designers and manufacturers of medical equipment and supplies, operators of hospitals, other health-care services, and biotechnological researchers and developers. The Fund is &#8220;non-diversified,&#8221; and the Adviser expects to hold securities of a relatively small number of companies in the portfolio, thus increasing the importance of each holding. In addition, the Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in companies doing business in the health science industry, but will regularly invest in health science companies well in excess of this amount. The Fund invests primarily in U.S. common stocks, but may, to a lesser extent, invest in foreign common stocks and American Depositary Receipts (&#8220;ADRs&#8221;) that meet the investment criteria of the Fund, as further described below.<br/><br/>The Adviser identifies what it believes to be the most attractive areas within health science and then narrows its search to individual stocks, paying particular attention to companies who are well-positioned to take advantage of technological advances, innovative changes and demographic trends affecting the health science industry. The Adviser&#8217;s stock selection process is based on a quantitative and qualitative analysis of individual companies&#8217; fundamentals such as valuation, earnings growth potential, competitive advantages and the quality of corporate management. The Fund generally invests in large- and medium-capitalization companies, but can invest in companies of any size.<br/><br/>The Adviser invests with a long-term focus and seeks to keep the Fund&#8217;s portfolio turnover to a minimum relative to its peers. The Adviser may sell a security if the reason for its original purchase changes or when it believes better opportunities are available.<br/><br/>The Fund has adopted a policy that it will invest at least 80% of its net assets, under normal circumstances, in equity securities of health sciences companies, as determined by the Adviser. This policy may be changed by the Fund upon 60 days&#8217; notice to shareholders.<b>Principal Risks of Investing in the Fund</b>1384507831725The Fund&#8217;s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below.<br/><br/><b>Equity Securities Risk:</b> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund&#8217;s shares.<br/><br/><b>Concentration Risk:</b> Because the Fund may invest a significant portion of its assets in securities issued by health science companies, the Fund is subject to legislative or regulatory changes, including governmental approval of certain products or services and changes in government policies towards parts of the health science industry, adverse market conditions and/or increased competition affecting this industry, and the risk of product liabilty and/or malpractice lawsuits. The prices of health science companies may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, problems related to bringing products to market, and rapid technological change and obsolescence of products. Some health science companies may be regarded as developmental stage companies, without revenues or operating income, or near-term prospects for them.<br/><br/><b>Foreign Securities Risk:</b> The risk that investing in securities of foreign (non-U.S.) companies may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund&#8217;s investments to decline. ADRs are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk.<br/><br/><b>Large Cap Risk:</b> Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.<br/><br/><b>Management Risk:</b> The risk that a strategy used by the Adviser may fail to produce the intended results.<br/><br/><b>Market Risk:</b> Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably.<br/><br/><b>Mid Cap Risk:</b> Mid cap stock risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.<br/><br/><b>Non-Diversification Risk:</b> The Fund is non-diversified, which means that a significant portion of the Fund&#8217;s assets may be invested in the securities of a single company or a smaller number of companies than a diversified mutual fund. An investment in the Fund could fluctuate in value more than an investment in a diversified fund.<br/><br/><b>Small Cap Risk:</b> Small-cap companies may be more vulnerable than large-cap and mid-cap companies to adverse business or economic developments. Securities of such companies may be less liquid and more volatile than securities of larger companies and therefore may involve greater risk.<b>Performance Information</b>The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund. Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.The bar chart shows changes in the Fund&#8217;s performance from calendar year to calendar year.0.07750.07750.05040.07730.07730.0685-0.0014-0.0014-0.0012<div style="display:none">~ http://www.oakfunds.com/role/ScheduleShareholderFeesREDOAKTECHNOLOGYSELECTFUND column period compact * ~</div>
-0.1011-0.1011-0.0762<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualFundOperatingExpensesREDOAKTECHNOLOGYSELECTFUND column period compact * ~</div>
0.2850.0690.1732<div style="display:none">~ http://www.oakfunds.com/role/ScheduleExpenseExampleTransposedREDOAKTECHNOLOGYSELECTFUND column period compact * ~</div>
-0.09340.1012-0.23640.3662<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualTotalReturnsREDOAKTECHNOLOGYSELECTFUNDBarChart column period compact * ~</div>
0.09410.10070.1365<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedREDOAKTECHNOLOGYSELECTFUND column period compact * ~</div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="45%" align="left"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>BEST&nbsp;QUARTER</b></td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>WORST&nbsp;QUARTER</b></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">15.05%</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">-16.15%</td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">06/30/2009</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">12/31/2008</td></tr></table>2000-12-292000-12-292000-12-29<b>BEST QUARTER</b>2009-06-300.1505<b>WORST QUARTER</b>2008-12-31-0.1615<b>Average Annual Total Returns</b>This table compares the Fund&#8217;s average annual total returns for the periods ended December 31, 2012 to those of the S&amp;P 500 Health Care Index.0.13650.12690.10180.17890.07380.06810.06330.04790.08670.08380.07680.06130.04770.04530.04150.03790.18350.05890.11130.0162000-12-310.63640.1111-0.10830.2389-0.47140.72972001-06-292001-06-292001-06-292001-06-300.1953-0.15690.0775<b>RIVER OAK DISCOVERY FUND SUMMARY </b><b>Investment Goal </b>The Fund seeks long-term capital growth.<b>Fund Fees and Expenses </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b><b>Example </b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same and you reinvest all dividends and distributions (reflecting the one-year contractual fee waiver). Although your actual costs may be higher or lower, based on these assumptions your costs would be:<b>Portfolio Turnover </b>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 72% of the average value of its portfolio.<b>Principal Investment Strategy of the Fund </b>The Fund invests primarily in U.S. common stocks, but may, to a lesser extent, invest in foreign common stocks and ADRs. The Fund will invest in small-cap companies and, to a lesser extent, in larger companies. The Fund considers small-cap companies to include any company that has less than a $3 billion market capitalization at the time of acquisition.<br/><br/>The Adviser utilizes a combined approach of &#8220;top-down&#8221; analysis and &#8220;bottom-up&#8221; stock selection. The &#8220;top-down&#8221; approach takes into consideration such factors as long-term economic, demographic and geopolitical themes. These include such macroeconomic factors as interest rates, inflation, the regulatory environment and the global competitive landscape. As a result of the &#8220;top-down&#8221; analysis, the Adviser identifies sectors, industries and companies which it believes should benefit from the overall themes that the Adviser has observed. As part of its &#8220;bottom-up&#8221; stock selection, the Adviser then looks for individual companies with earnings growth potential that should exceed the earnings growth rate of the overall market over the long-term, and that may not be fully recognized by the market at large. In determining whether a particular company is suitable for investment, the Adviser focuses on a number of different attributes including the company&#8217;s specific market expertise or dominance, its competitive durability and pricing power, solid fundamentals, strong and ethical management, apparent commitment to shareholder interests and reasonable valuations in the context of projected growth rates. The Adviser&#8217;s investment strategy often involves overweighting the Fund&#8217;s position in the industry sectors which it believes hold the most growth potential relative to the weightings such industry sectors represent in the Fund&#8217;s benchmark.<br/><br/>The Adviser may sell a security if the reason for its original purchase changes or when it believes better opportunities are available among similar companies.<b>Principal Risks of Investing in the Fund </b>The Fund&#8217;s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below.<br /><br /><b>Equity Securities Risk:</b> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund&#8217;s shares.<br /><br /><b>Foreign Securities Risk:</b> The risk that investing in securities of foreign (non-U.S.) companies may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund&#8217;s investments to decline. ADRs are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk.<br /><br /><b>Growth Investing Risk:</b> The Fund is subject to the risk that its growth-oriented style of investing may underperform other investment styles or the equity markets as a whole. A principal risk of growth investing is that prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks.<br /><br /><b>Investment Focus Risk:</b> Although the Fund is diversified, because the Fund may invest a significant portion of its assets in the industry sectors which it believes hold the most growth potential, poor performance or adverse economic events affecting one or more of these overweighted sectors could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.<br /><br /><b>Management Risk:</b> The risk that a strategy used by the Adviser may fail to produce the intended results.<br /><br /><b>Market Risk:</b> Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably.<br /><br /><b>Mid Cap Risk:</b> Mid cap stock risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.<br /><br /><b>Small Cap Risk:</b> Small-cap companies may be more vulnerable than large-cap and mid-cap companies to adverse business or economic developments. Securities of such companies may be less liquid and more volatile than securities of larger companies and therefore may involve greater risk.<b>Performance Information </b>The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund. Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.The bar chart shows changes in the Fund&#8217;s performance from calendar year to calendar year.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="45%" align="left"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>BEST&nbsp;QUARTER</b></td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>WORST&nbsp;QUARTER</b></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">27.46%</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">-26.09%</td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">06/30/2009</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">12/31/2008</td></tr></table><b>Average Annual Total Returns </b>This table compares the Fund&#8217;s average annual total returns for the periods ended December 31, 2012 to those of the Russell 2000 Growth Index.0.16The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratio of expenses to average net assets in the Fund&#8217;s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and do not include &#8220;Acquired Fund Fees and Expenses.&#8221;0.72You could lose money on your investment in the Fund and the Fund could also return less than other investments.The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund.Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<b>BEST QUARTER</b>2009-06-300.2746<b>WORST QUARTER</b>2008-12-31-0.2609In addition, the Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in companies doing business in the health science industry, but will regularly invest in health science companies well in excess of this amount.0.08610.2071-0.4582You could lose money on your investment in the Fund and the Fund could also return less than other investments.0.62010.1448-0.05720.07632005-06-302005-06-302005-06-30<b>BLACK OAK EMERGING TECHNOLOGY FUND SUMMARY </b><b>Investment Goal </b>The Fund seeks long-term capital growth.<b>Fund Fees and Expenses </b>This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b><b>Example</b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same and you reinvest all dividends and distributions (reflecting the one-year contractual fee waiver).<br/>Although your actual costs may be higher or lower, based on these assumptions your costs would be:0.0090.00280.00720.00280.00240.0315<b>Portfolio Turnover </b>0.00010.0163The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 33% of the average value of its portfolio.-0.00270.0136<b>Principal Investment Strategy of the Fund </b>The Fund invests primarily in common stocks of companies that the Adviser considers to be well-positioned to become market leaders among &#8220;emerging&#8221; technology companies. Emerging technology companies are those that the Adviser believes have the potential to develop, or are expected to benefit from, new technology or significant improvements or enhancements to existing technology. Current examples of emerging technology companies include those developing, producing or distributing products or services related to computer networking, fiber optics and photonics, data storage, bandwidth enhancement, wireless and other communications technology, and high-speed voice, video and data transfer combinations. The types of companies the Adviser considers to be emerging technology companies can be expected to change over time as developments in technology occur. The Fund is &#8220;non-diversified,&#8221; and the Adviser expects to hold securities of a relatively small number of companies in the portfolio, thus increasing the importance of each holding.<br/><br/>The Adviser&#8217;s investment process begins with a top-down analysis of economic and industry sectors that it considers to have the best potential for emerging technology to drive long-term growth. It then focuses in on the present or potential key performers in those areas based on a highly subjective analysis of individual companies&#8217; fundamental values such as earnings growth potential and the quality of corporate management. The Adviser generally does not base stock selections on a company&#8217;s size, but rather on its assessment of a company&#8217;s fundamental prospects for growth. Nonetheless, the Fund tends to own stocks of small-to medium- capitalization companies and may own stocks of newer, less-established companies of any size. The Fund may invest to a lesser extent in stocks of foreign companies that meet these same investment criteria.<br/><br/>The Adviser may sell a security if the reason for its original purchase changes or when it believes better opportunities are available among emerging technology companies.<br/><br/>The Fund has adopted a policy that it will invest at least 80% of its net assets, under normal circumstances, in equity securities of emerging technology companies, as determined by the Adviser. This policy may be changed by the Fund upon 60 days&#8217; notice to shareholders.<b>Principal Risks of Investing in the Fund </b>The Fund&#8217;s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. The Fund is subject to the principal risks summarized below.<br/><br/><b>Equity Securities Risk:</b> The Fund is subject to the risk that stock prices will fall over short or extended periods of time. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by these companies may decline in response to such developments, which could result in a decline in the value of the Fund&#8217;s shares.<br/><br/><b>Foreign Securities Risk:</b> The risk that investing in securities of foreign (non-U.S.) companies may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund&#8217;s investments to decline. ADRs are securities that evidence ownership interests in a security or a pool of securities issued by a foreign issuer. The risks of ADRs include many risks associated with investing directly in foreign securities, such as individual country risk and liquidity risk.<br/><br/><b>Investment Focus Risk:</b> Because the Fund may invest a significant portion of its assets in securities issued by companies conducting business in emerging technology industries, the Fund is subject to the risk that legislative or regulatory changes, adverse market conditions and/or increased competition will negatively affect those industries. The prices of emerging technology companies may fluctuate widely due to competitive pressures, increased sensitivity to short product cycles and aggressive pricing, problems related to bringing products to market and rapid obsolescence of products. Some of the companies involved in emerging technology industries may be regarded as developmental stage companies, without revenues or operating income, or near-term prospects for them.<br/><br/><b>Large Cap Risk:</b> Large cap risk is the risk that stocks of larger companies may underperform relative to those of small and mid-sized companies. Large cap companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.<br/><br/><b>Management Risk:</b> A risk that a strategy used by the Adviser may fail to produce the intended results.<br/><br/><b>Market Risk:</b> Market risk is the risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably.<br/><br/><b>Mid Cap Risk:</b> Mid cap stock risk is the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market.<br/><br/><b>Non-Diversification Risk:</b> The Fund is non-diversified, which means that a significant portion of the Fund&#8217;s assets may be invested in the securities of a single company or a smaller number of companies than a diversified mutual fund. An investment in the Fund could fluctuate in value more than an investment in a diversified fund.<br/><br/><b>Small Cap Risk:</b> Small-cap companies may be more vulnerable than large-cap and mid-cap companies to adverse business or economic developments. Securities of such companies may be less liquid and more volatile than securities of larger companies and therefore may involve greater risk.<b>Performance Information </b>The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund. Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.The bar chart shows changes in the Fund&#8217;s performance from calendar year to calendar year.<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="45%" align="left"><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>BEST&nbsp;QUARTER</b></td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center"><b>WORST&nbsp;QUARTER</b></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">28.47%</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">-24.49%</td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" align="center">06/30/2003</td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom">&nbsp;</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-RIGHT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom" align="center">12/31/2008</td></tr></table>This table compares the Fund&#8217;s average annual total returns for the periods ended December 31, 2012 to those of the NASDAQ 100 Index.0.33You could lose money on your investment in the Fund and the Fund could also return less than other investments.<b>Non-Diversification Risk:</b> The Fund is non-diversified, which means that a significant portion of the Fund&#8217;s assets may be invested in the securities of a single company or a smaller number of companies than a diversified mutual fund. An investment in the Fund could fluctuate in value more than an investment in a diversified fund.The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund.1998-12-311998-12-311998-12-31Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.138After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.<b>BEST&nbsp;QUARTER</b>2003-06-304880.2847<b>WORST&nbsp;QUARTER</b>2008-12-31-0.244986119080.07630.07630.04960.14590.00390.00350.00330.03490.05020.04910.04340.0607<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualFundOperatingExpensesBLACKOAKEMERGINGTECHNOLOGYFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleExpenseExampleTransposedBLACKOAKEMERGINGTECHNOLOGYFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualTotalReturnsBLACKOAKEMERGINGTECHNOLOGYFUNDBarChart column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedBLACKOAKEMERGINGTECHNOLOGYFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualTotalReturnsRIVEROAKDISCOVERYFUNDBarChart column period compact * ~</div>
<b>Non-Diversification Risk:</b> The Fund is non-diversified, which means that a significant portion of the Fund&#8217;s assets may be invested in the securities of a single company or a smaller number of companies than a diversified mutual fund. An investment in the Fund could fluctuate in value more than an investment in a diversified fund.The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund.Of course, the Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.2005-06-301998-12-310.0561In addition, the Fund has adopted a policy to concentrate its investments (invest at least 25% of its assets) in technology companies which develop, produce or distribute products or services related to computers, semi-conductors and electronics, but will regularly invest in these and other technology companies well in excess of this amount, as further described below.<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualFundOperatingExpensesLIVEOAKHEALTHSCIENCESFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleExpenseExampleTransposedLIVEOAKHEALTHSCIENCESFUND column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAnnualTotalReturnsLIVEOAKHEALTHSCIENCESFUNDBarChart column period compact * ~</div>
<div style="display:none">~ http://www.oakfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedLIVEOAKHEALTHSCIENCESFUND column period compact * ~</div>
The Total Annual Fund Operating Expenses in this fee table do not correlate to the ratio of expenses to average net assets in the Fund&#8217;s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and do not include &#8220;Acquired Fund Fees and Expenses.&#8221;<b>Average Annual Total Returns</b>February 28, 2014February 28, 2014February 28, 2014February 28, 2014February 28, 2014February 28, 2014February 28, 2014The Adviser has contractually agreed for a period of one year from the date of this Prospectus to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit Fund total operating expenses to an annual rate of not more than 1.25% of average daily net assets. This contractual fee waiver may only be terminated by the Board of Trustees of the Trust.The Fund's inception date is 8/3/92. Index returns provided from 8/31/92.After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns will depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.The Fund's inception date is 12/31/04.The Fund's inception date is 12/29/00. Index returns provided from 12/31/00.The Fund’s inception date is 6/29/01. Index returns provided from 6/30/01.The Fund's inception date is 12/31/98.The Fund's inception date is 6/30/05.After Fee Waivers and Expense ReimbursementsThe Total Annual Fund Operating Expenses in this fee table do not correlate to the ratio of expenses to average net assets in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund and do not include "Acquired Fund Fees and Expenses."The Adviser has contractually agreed for a period of one year from the date of this Prospectus to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit Fund total operating expenses (excluding Acquired Fund Fees and Expenses) to an annual rate of not more than 1.25% of average daily net assets. This contractual fee waiver may only be terminated by the Board of Trustees of the Trust.The Adviser has contractually agreed for a period of one year from the date of this Prospectus to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit Fund total operating expenses to an annual rate of not more than 1.35% of average daily net assets. This contractual fee waiver may only be terminated by the Board of Trustees of the Trust.The Adviser has contractually agreed for a period of one year from the date of this Prospectus to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit Fund total operating expenses to an annual rate of not more than 1.35% of average daily net assets. This contractual fee waiver may only be terminated by the Board of Trustees of the Trust.The Adviser has contractually agreed for a period of one year from the date of this Prospectus to waive all or a portion of its fee for the Fund (and to reimburse expenses to the extent necessary) in order to limit Fund total operating expenses (excluding Acquired Fund Fees and Expenses) to an annual rate of not more than 1.35% of average daily net assets. This contractual fee waiver may only be terminated by the Board of Trustees of the Trust.